Fact.MR continues to anticipate significant growth in the contactless biometrics market. The firm believes that the market will jump from $17.1 billion in 2022 to $78.6 billion in 2032, figures that correspond to a CAGR of 16.4 percent.
That growth rate is consistent with Fact.MR’s prior report on the contactless biometrics market. That report came out in April of 2021, and predicted that the market would display a CAGR of 16 percent.
In terms of technology, Fact.MR suggested that there will be a particularly high demand for facial recognition solutions, and that the segment will enjoy fivefold growth during the forecast period. That trend will accelerate as facial recognition technology grows beyond simple identification and evolves in its ability to distinguish traits like gender, ethnicity, and facial hair.
The expansion of the Internet of Things and the increased adoption of behavioral biometrics are expected to drive much of the growth in the market. Behavioral biometrics can be paired with other biometric solutions to improve security in a number of different sectors, including finance, government, and business more generally. More and more organizations are integrating contactless biometrics into their authentication processes, and Fact.MR indicated that it could eventually become mandatory for people opening new accounts.
The firm went on to report that the software will account for the lion’s share of the market’s revenue ($34.1 billion in 2032), while North America will be the largest region with a market share above 30 percent. Finally, the demand for contactless identity verification solutions will grow faster than the demand for payment and access control applications, to the point that identity verification generates $52.9 billion in revenue by 2032.
According to Fact.MR, contactless biometrics will represent nearly half (43 percent) of the total biometrics market before the end of the current year. The firm identified IDEMIA, NEC, Aware, HID Global, and Neurotechnology as some of the leading players in the contactless biometrics space. Reports and Data, meanwhile, has predicted that the contactless biometric market will hit $28.83 billion in 2027.
January 13, 2022 – by Eric Weiss